Orange's Plan for Cash Flow
Could Hurt Minority Holders

Edited by Hugo Dixon

Updated June 25, 2003 12:01 a.m. ET

Solomon Trujillo, Orange SA's new chief executive, has presented what he alleges is a new strategy for the mobile operator. But he only sketched out tactics. The question of where Orange is going remains obscure.

First, the tactics. It is good news that Mr. Trujillo is able to promise a vastly more efficient investment program. Capital spending on IT will fall &euro;120 million ($138.5 million) between last year and this year....